Banks are seeing a trend in some Canadian student profiles when it comes to debt. Their

reports show one typical profile where a student starts with their first credit card after age

$18$ along with a student tuition loan. The student maxes out on the credit card limit within a

short timeframe. The credit card company helps by increasing the limit$.$ The student then

applies for another credit card from another bank to transfer the original credit card balance

to a lower interest rate credit card, all while continuing to run up the debt on the original

credit card. The student then finds themselves in a difficult position where they can no longer

pay the amounts in full nor the minimum amount, so they seek to consolidate their debt

using a line of credit with lower interest rates to transfer the balance. This is somewhat of a

temporary relief, as the spending continues. In this scenario, this student profile has four

loans $($two credit cards, tuition loan, and a line of credit$).$ To regain financial control, what

are the best actions for this type of spending profile to take?

I$)$ Use a debit card or live on cash to ensure spending is within means

II$)$ To pay down debts, get a part$-$time job, a second part$-$time job or increase the work

hours if the current job is an hourly paid role

III$)$ Apply for another credit card

IV$)$ Request an increase in the credit card limit

V$)$ Prepare a budget to eliminate unnecessary costs and to limit spending to what is in

the budget

a$)$ II$,$ IV$,$ and V

b$)$ I, II$,$ and V

c$)$ II$,$ III, and IV

d$)$ I, III, and IV

e$)$ I, IV$,$ and V